Archives for News

More than a fifth of small business owners offer no employees benefits

Small businesses are suffering a staff brain drain with nearly one in five workers quitting each year for new jobs blaming poor employee benefits, according to research from Pure Benefits. The study by the company found 18% of staff – around 450,000 a year – have switched in the past five years saying a lack of benefits was a major reason. Small businesses with fewer than 50 staff employ more than 12.4m across the UK and have total annual turnover of more than £1.2 trillion but struggle to source employee benefits such as life insurance, income protection and private medical
Read More

Categories: News.

Half a million employers meet workplace pension duties

More than half a million employers have now completed their duties under the Government’s landmark workplace pension savings drive. The Pensions Regulator said by 31st March 2017, 503,178 employers had completed their duties under automatic enrolment, with more than 7.6 million workers now saving for their retirement after being put into a workplace pension. Automatic enrolment started in 2012 with the biggest employers that tend to have the most experience of pensions. It is now being rolled out to smaller employers, some employing just one or two people. The Pensions Regulator said in the first three months of this year
Read More

Categories: News.

Pension Fear for SMEs

As reported on this news page in December last year (http://petaurumsolutions.co.uk/2016/12/14/50-accountants-unable-answer-auto-enrolment-queries/) according to a report by employee benefits adviser Helm Godfrey, things haven’t got much better, with small and medium-sized businesses continuing to be at risk of choosing unsuitable pension schemes because of a lack of auto enrolment knowledge among accountants. The report has revealed that while 70% of small firms with 4 or fewer employees would turn to their accountant for auto enrolment advice, 43% of accountants believe they do not know enough about auto enrolment to give accurate and up-to-date advice. More than half (56%) of accountants admitted
Read More

Categories: News.

Financial problems for over half of employees are affecting their work performance

One of the biggest concerns cited by many of those being polled on their views during the General Election campaign has been the high cost of living compared to wages. Now a new report claims that over half (55%) of employees are experiencing financial problems, which are affecting their behaviour, relationships and ability to perform at work. Although the nationwide study of the financial wellbeing of UK workers The DNA of Financial Wellbeing 2017 report, claims that nearly a third (32%) cite finance as their biggest concern; 66% of HR directors, think that financial worries are not of concern to their employees.
Read More

Categories: News.

Pension Fear for SMEs

As reported on this news page in December last year (http://petaurumsolutions.co.uk/2016/12/14/50-accountants-unable-answer-auto-enrolment-queries/) according to a report by employee benefits adviser Helm Godfrey, things haven’t got much better, with small and medium-sized businesses continuing to be at risk of choosing unsuitable pension schemes because of a lack of auto enrolment knowledge among accountants. The report has revealed that while 70% of small firms with 4 or fewer employees would turn to their accountant for auto enrolment advice, 43% of accountants believe they do not know enough about auto enrolment to give accurate and up-to-date advice. More than half (56%) of accountants admitted
Read More

Categories: News.

Pensions Auto Enrolment warning as regulator ramps up action.

The Pensions Regulator has revealed it will carry out auto-enrolment compliance spot checks on employers across the UK. The inspections will “serve as a warning to employers that they cannot ignore the workplace pension and that deliberate non-compliance will not be tolerated”, officials said. Meanwhile, financial advisory firm Wealthcare warned over ill-prepared businesses. It carried out research, which found more than four out of 10 small firms, have been waiting until the last minute to sign up their employees to an auto enrolment pension scheme. Stephen Cainer, joint managing director of Wealthcare, said: “Our figures show there is still an
Read More

Categories: News.

£47,000 shortfall in employer pension contributions for women

£47,000 shortfall in employer pension contributions for women Employers are contributing less to women’s pensions than men: a result of the gender pay gap, career breaks for women and men working in larger businesses This could result in a £47,000 shortfall for women by the end of their working life Since 2013, women have received, on average, 1% of their salary less in employer pension contributions each year when compared to men The inaugural Zurich Workplace Savings Barometer analysed over 250,000 pension plans. London, 22 February 2017 – There is a ‘gap’ between the amount that men and women receive
Read More

Categories: News.

More than 7 million workers now auto-enrolled – Pension Regulator

More than 7 million workers now auto-enrolled – Pension Regulator  700,000 small employers due to stage in 2017 The number of new people saving for retirement as a result of auto-enrolment has passed the seven million-mark, the latest monthly figures from the Pension Regulator have shown. According to the declaration of compliance report for November, a total of 341,495 employers have declared their auto-enrolment compliance, which accounts for 23.5 million workers. Of these, 7,050,000 have now been auto-enrolled while 9,806,000 were already active members of a qualifying scheme. The remaining 6,290,000 have no workplace-related pension. The Pension Regulator also indicated
Read More

Categories: News.

Accountants letting SMEs down on auto-enrolment advice

Almost half of accountants admit to not knowing enough about auto-enrolment despite nearly two-thirds of SMEs turning to their accountants for advice about the pension legislation. A report by employee benefits adviser Helm Godfrey has raised concerns over the lack of auto-enrolment knowledge among accountants, warning that the knowledge gap puts SMEs at risk of ending up with unsuitable pension schemes. The report, which aims to provide guidance to accountants and SMEs on navigating the auto-enrolment process, found that 43% of accountants surveyed admitted to an auto-enrolment knowledge gap being their own biggest challenge when it came to advising businesses.
Read More

Categories: News.

TPR Re-enrolment guidance for employers

TPR Re-enrolment guidance for employers TPR have just launched their new online content giving guidance to larger employers on their re-enrolment duties. An introductory page provides an initial overview of the steps, along with timings of when employers should aim to complete these steps. The overview page also includes ‘The essential guide to re-enrolment and re-declaration’, which is available to download and provides employers with a cut down version of the online content if they require a quick reference guide. The content is composed of 4 main steps: Choose your re-enrolment date Assess your staff Write to staff that you
Read More

Categories: News.